Elon Musk has regained his position as the world’s wealthiest individual, surpassing Bernard Arnault. This change in ranking can be attributed to the decrease in the share value of LVMH, which led to a 2.6% decline in Arnault’s wealth, according to the Bloomberg Billionaires Index.
In December of last year, the French billionaire surpassed Elon Musk, the American billionaire, in terms of wealth. Musk faced controversies during that time, including the layoff of numerous employees at Tesla, which had an impact on the company’s share values. Additionally, the technology sector as a whole encountered challenges stemming from rising inflation.
It is reported that confidence in the resilience of the luxury sector is diminishing as signs of an economic slowdown, particularly in China, become more evident. LVMH, a key player in the luxury industry, has experienced a decline in its shares of around 10% since April. This decrease resulted in a substantial decrease of $11 billion in Bernard Arnault’s net worth within a single day.
In contrast, Elon Musk has witnessed a remarkable increase of more than $55.3 billion in his wealth this year. The significant surge in Musk’s fortune can be mainly attributed to the success of Tesla, which constitutes 71% of his overall wealth. Tesla’s stock has experienced an impressive rally of 66% year-to-date, contributing significantly to Musk’s wealth growth.
Elon Musk is now worth $192 billion and he is now the richest person alive pic.twitter.com/e20SqIzTJw
— Elon’s World (@elons_world) May 31, 2023
According to the Bloomberg Billionaires Index, Elon Musk’s total wealth is currently estimated to be around $192 billion, whereas Bernard Arnault’s fortune is approximately $186 billion. However, Forbes’ The Richest People in The World list presents a slightly different ranking. In their assessment, Musk holds the second position with a net wealth of $180 billion, while Arnault claims the top rank with an impressive net worth of $211 billion.
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